MLchartDataset catalogue

Mortgage broker

Term · Law · MLC-T-LAW-003296

An individual or firm that arranges mortgage loans between borrowers and lenders without lending its own money, taking applications, comparing loan products from several lenders, and submitting the file to the chosen lender. A broker is paid by the borrower or by the lender, but under federal loan originator rules not by both on the same loan. Brokers must be licensed by their state under the SAFE Act.

Table 1. Record
IdentifierMLC-T-LAW-003296
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003296",
  "term": "Mortgage broker",
  "field": "Law",
  "definition": "An individual or firm that arranges mortgage loans between borrowers and lenders without lending its own money, taking applications, comparing loan products from several lenders, and submitting the file to the chosen lender. A broker is paid by the borrower or by the lender, but under federal loan originator rules not by both on the same loan. Brokers must be licensed by their state under the SAFE Act.",
  "url": "https://mlchart.com/terminology/law/mortgage-broker/"
}

Record 3,269 of 5,439 in Law terminology (MLC-0107). Request the full dataset.